East London in Olympics boost

The Olympic Park and surrounding area has already attracted more than £1.6bn
of private investment ahead of the 2012 Olympics, boosting ambitious plans
to regenerate East London after the Games, according to new research.

The Government and organisers of London 2012 won the Games with a promise to revitalise East London.Photo: Anthony Charlton/LOCOG/PA

The investment in the area, primarily from overseas investors, is a fillip for the Government and organisers of London 2012 – who won the Games with a promise to revitalise East London.

The activity includes Dutch pension fund APG and the Canadian Pension Plan Investment Board buying half of the Westfield Stratford City shopping centre as well as residential investment from Qatari Diar and UK property company Delancey into the Athletes Village.

According to property agent CBRE, which compiled the data, the £1.6bn invested in the last two years represents commitments to deliver more than 6,000 homes and 3m sq ft of commercial space.

One of the biggest developments is from Inter Ikea, an arm of the retailer. It is proposing to build 1,200 homes, 400,000 sq ft of commercial space and a 350-bed Marriott Hotel. Lend Lease and London & Continental Railways are planning 4m sq ft of offices.

However, although Westfield Stratford City is thought to be trading well, it remains to be seen whether business can be convinced to move their offices to Stratford.